Following last week’s uptick in new listings, Greater Houston saw a 9.4% drop in homes listed for sale during week 21, according to the Houston Association of REALTORS® weekly activity snapshot.
Realtors entered 2,613 properties into the Multiple Listing Service (MLS) versus 2,883 in 2021.
Pending listings continue to suffer, falling 21.9% year over year during the week ended May 30. A total of 2,043 property listings went under contract compared to 2,616 last year.
Sellers withdrew slightly fewer property listings from the MLS in week 21 than during the same week in 2021. Off-market listings remained 17.5% below where they were a year ago. A total of 633 homes went from active to off-market, down from last year’s 767.
With little improvement in inventory levels and lingering consumer concerns over rising prices and interest rates, closings were down for the fourth week. Closed home sales totaled 2,232 compared to 2,648 in 2021, a 15.7% decline.
Attendance at showings fell to the year’s lowest level, down 18.2% from the same week in 2021. Showings attendance totaled 36,762 compared to 44,943 last year, likely due to low inventory, rising interest rates and the lead-up to the long Memorial Day weekend, the report noted.